Common use of Procedures for dissolution Clause in Contracts

Procedures for dissolution. The Managing Board or its representatives shall liquidate the assets of the Company, apply and distribute the Liquidation Proceeds as contemplated by this Agreement and cause the cancellation of the Certificate. As soon as practicable after the dissolution of the Company, a full account of the assets and liabilities of the Company shall be taken, and a statement shall be prepared by the independent accountants then acting for the Company setting forth the assets and liabilities of the Company. A copy of such statement shall be furnished to each Member within ninety (90) days after such dissolution. Thereafter, the assets of the Company shall be liquidated as promptly as practicable and the proceeds thereof shall be distributed as set forth in Section 9.1 hereof.